Corn spot basis bids were steady to lower at US Midwest processors and elevators on Wednesday, weighed by gains in futures that triggered increased sales by farmers, dealers said. Bids declined by 1 cent for the second straight day at a closely watched processor in Decatur, Illinois. Bids were sharply lower in the Hereford, Texas, rail market following increased sales by commercial handlers and also eased at rail markets in the eastern half of the Midwest.
Farmers boosted corn sales after Chicago Board of Trade corn futures hit $3.71 per bushel, equalling their peak from January 24 when corn futures touched a seven-month high.
Soyabean spot basis bids were steady to narrowly mixed as CBOT soyabeans also reached a multiweek high, enticing light sales from farmers. Futures rallied on investment fund buying and expectations that the US Department of Agriculture on Thursday will trim its US and global ending stocks outlooks.